Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, and the world's top oil exporter said it was cutting costs and looking to divest assets as crude prices drop and its debt mounts.

Saudi Aramco, the world’s largest oil company, has reported that its quarterly revenues were negatively affected by falling crude oil and petroleum product prices. The state-owned energy giant cited these price declines as the primary factor impacting its financial performance during the most recent reporting period.

The number of active oil rigs in Saudi Arabia fell after several oil-field projects aimed at maintaining production capacity were completed, said Aramco Chief Executive Officer Amin Nasser.